Life insurance in Nepal:Top Companies, types, benefit and features

Life insurance in Nepal is one of the most important and common topics for Nepalese people. It is designed to provide your beneficiaries financially which insure a measure of protection about the risk in the future and the best life security term. Although many people do not have proper knowledge regarding this topic so here it is explained properly.

Today in this article, I am going to explain the benefits of Insurance in Nepal, top companies, types of insurance in Nepal, insurance policies, their benefits and more

Life Insurance in Nepal Summary

S.N. Life Insurance in Nepal
1 Nepal Life Insurance Company limited
2 Life Insurance Corporation Nepal limited
3 National Life Insurance Company Limited
4 Rastriya Beema Sansthan
6 MetLife- American Life Insurance Company Limited
7 Prime Life Insurance Company Limited
8 Gurans Life Insurance Company Limited
9 Surya Life Insurance Company Limited
10 Union Life Insurance Company Limited

Types of insurance in Nepal

Basically, there are two forms of insurances. One is whole life insurance and another is term life insurance. It is applied to all the other categories of the following insurance types.

  • Life insurance
  • Health insurance
  • Business and commercial insurance
  • Agriculture insurance
  • Financial insurance
  • Travel insurance
  • Home insurance
  • Marine insurance
  • Property insurance

Generally, it is found that Life insurance in Nepal and health insurance in Nepal are regarded as the same type in Nepal. But, it is distinguished that life insurance and health insurance are similar but not the same. Health insurance falls under the Life insurance category.

Top 10 Companies of life insurance in Nepal

Depending upon the fund of life insurance in Nepal these are the top 10 life insurance companies in Nepal. Every insurance in Nepal has its own policy and regulations for funding and refunding.

Therefore, the two most popular types of insurance in Nepal are traditional full life insurance and term life insurance. Nepalese life insurance also has both types of insurance features.

Let’s see the life insurance companies having a majority in the Nepalese insurance market. Starting from the most popular Nepal Life Insurance Company Limited, we try to briefly explain those companies and their benefits.

Nepal Life Insurance Company Limited

Nepal Life Insurance Company Limited is set up under the Organization Act 2053 BS and Protection Act 2049 BS as a public organization on 2058/01/21  BS(04/05/2001 AD).

Nepal Life is the first disaster protection organization set up by private financial backers. So, the advertisers of the organization are a gathering of notable financial specialists and business places in Nepal.

The Organization has set up an amazing business record and has a solid monetary position in the twenty years of tenure. The organization has safeguarded itself with notable reinsurance companies.

Insurance Information Details
Insurance Name Nepal Life Insurance Company Limited
Head Office Kamaladi, Kathmandu
Contact Number 01-4169032/34/35 Ext: 133, 9851312003/ 9802332003
Email/ Web [email protected]/nepallife.com.np
Symbol NLIC
Information officer Mr. Digvijay Singhal (01-4169082)

Features of Insurance in Nepal

Endowment

  • Nepal Life Naulo Surakshit Jeevan Beema Yojana
  • Bal Shiksha Beema Yojna
  • Jeevan Laxmi – Triple Benefit Scheme With Bonus
  • Jeevan Jyoti

Term

Anticipated

  • Jeevan Unnati Plan
  • Naulo Jeevan Sambriddhi
  • Naulo Dhanbarsha Plan

Whole Life

Micro

Rural Endowment Plan

Read Also: Why is Nepal Life Insurance Company Limited is topmost Nepal’s insurance?

Life Insurance Corporation Nepal Limited

Life Insurance Corporation Nepal Limited was listed under the Companies Act 2053 in 2000 which later got a life insurance license from the Insurance Board of Nepal Beema Samiti 2001.

It is one of the largest insurance companies in Nepal which promotes the financial and economic development of the country by providing all kinds of insurance policies with proper bonuses in return. Hence, it has got many national and international awards for best customer orientation and service provider.

Insurance Information Details
Insurance Name Life Insurance Corporation Nepal Limited
Head Office Star Mall, Kathmandu
Contact Number 01-4012613/14
Email/ Web [email protected]
Symbol  LICN
Information officer Mr Sudarshan Giri

Features of Insurance in Nepal

  • Endownment Plan
  • Money Back Plan
  • Jeevan Anand
  • Jeevan Bachat
  • Childrean’s Endowment Plan
  • Child Plan
  • Amulya Jeevan
  • Jeevan Astha Plan
  • Dhan Bristi
  • New Jeevan Tarang

National Life Insurance Company Limited

This company was established in 1998 A.D. under the Nepal Company Act 1964 and the insurance Act 1968.Its main aim is to serve stakeholders with great returns and to become their first choice

Insurance Information  Details
Insurance Name National Life Insurance Company Limited
Head Office Lazimpat, Kathmandu
Contact Number 01-4416556, 01-4414803, 01-4435636
Email/ Web [email protected]
Symbol NLICL
Information officer Mr. Himal Koirala

Features of Insurance in Nepal

Endowment Assurance Plan

  • Traditional Endowment Assurance Plan
  • Jeevan Amrit (Endowment Cum Whole Life) Plan
  • Anticipated Endowment Plan
  • Dampati Amrit Sawadhik Jeevan Beema
  • Bachat Amrit Sawadhik Jeevan Beema Yojana
  • Amrit Shree Anticipated Endowment And Whole Life Plan
  • Sanjivani Sawadhik Amrit Jeevan Bimalekh

Children’s Plans

  • Child’s Educational And Marriage Endowment Plan
  • Bal Amrit Endowment Policy
  • Bal Amrit (Endowment) Policy – 1
  • Bal Bhagyodaya (Anticipated Endowment)

Money-Back Plans

  • Amrit Barsaha Money Back Policy
  • Anticipated Endowment Plan
  • Bal Bhagyodaya Plan
  • Amrit Shree Money Back

Whole Life Plan

  • Traditional Whole Life Policy
  • Jeevan Amrit (Endowment cum whole Life)
  • Amrit Shree Endowment Plan

Terms Assurance Plans

  • Traditional Term Plan
  • Saral Amrit (Term Insurance)
  • Baideshik Rojgar Jeevan Beema

Retirement Plan

  • Pension Plan
  • Annuity Plan

Single-Premium Plan

  • Yakal Sanjeevani Sabadhik Amrit

Rastriya Beema Sansthan

Rastriya Beema Sansthan is non-life insurance in Nepal. It was established in 2024 B.S.by Nepal Government. However, to act as non-life insurance, it was established in 2071 B.S. with the insurance act 2049 BS and by the decision of the Nepal Government.

It has proper experience of more than 55 years to serve as non-life insurance.

Insurance Information  Details
Insurance Name Rastriya Beema Sansthan
Head Office RBCL Building, Ramshahpath, Kathmandu
Contact Number 01-4262520
Email/ Web [email protected]
Symbol RBS
Information officer Mr. Bhola Nath Ghimire

Features of Insurance in Nepal

Endowment Plan

  • Group Endowment Life Assurance
  • Endowment Life Assurance
  • Children’s Marriage and Education Endowment Life Assurance
  • Anticipated Endowment Life Assurance
  • Jeevan Surakshya
  • Joint Life Plan ‘Jeevan Sathi’

Whole Life Plan

  • Whole Life Assurance

Child Plan

  • Bal Umanga
  • Children’s Plan ‘Watsalya’

Money-Back Plan

  • Jeevan Bandhu

Term Plan Insurance

MetLife-American Life Insurance Company Limited

MetLife-American Life Insurance Company Limited was established in 2001 A.D. in Nepal. It is the branch of Metlife Insurance. This is the first foreign company to get an insurance license in Nepal. There are more than 8,000 working agents who are working for the customer to provide a better insurance package.

It is involved in various community improvement programs which get such relief funds from foreign countries associated with the MetLife Foundation.

Insurance Information  Details
Insurance Name MetLife-American Life Insurance Company Limited
Head Office Pulchowk, Lalitpur
Contact Number 01-5555166
Email/ Web [email protected]
Symbol ALICO
Information officer Ram K Yadav

Features of Insurance in Nepal

  • Term Life Insurance
  • Group Variable Universal Life

  • Group Universal Life Insurance

  • Accidental Death and Dismemberment

Asian Life Insurance Company Limited

Asian Life Insurance Company Limited has got its license as per Insurance act 2049 in 2008 from Beema Samiti. There is a total of 140 branches across the nation.

It is owned with different new technology to serve clients better services and to be a most desired company in the market.

Insurance Information  Details
Insurance Name Asian Life Insurance Company Limited
Head Office Maitidevi, Kathmandu
Contact Number 01-4410115
Email/ Web [email protected]
Symbol ALICL
Information officer Mr. Hom Bahadur Shrestha

Features of Insurance in Nepal

Endowment Policies

  • Nava Ratna
  • Dhan Sambriddhi (Limited Payment Anticipated Endowment Plan)
  • Asian Child Endowment (Bal Umanga)
  • Asian Endowment Plan
  • Asian Child Assurance
  • Pension Plan
  • Asian Limited Payment Endowment Plan (Jeevan Ratna)
  • Joint Life(Dampati Surachha Plus)

Money-Back Policies

  • Asian Moneyback-12
  • Asian Moneyback-15
  • Asian Moneyback-18
  • Asian Moneyback-20
  • Asian Annual Money Back Endowment Plan

Term Insurance

  • Saral Surachha (Term)

Endowment and Wholelife

  • Asian Endowment & Whole Life (Sukhi Jivan)
  • Jivan Sanjivani

Micro-insurance

  • Term Micro Insurance
  • Endowment Micro Life Insurance Plan

Prime Life Insurance Company Limited

Prime Life Insurance Company Limited was established in 2007 A.D. It is one of the fastest-growing insurance companies which provide a great return to customers, quality services with growing premiums.

It has altogether 105 networks point combing all branches and sub-branches located in entire Nepal.

Insurance Information  Details
Insurance Name Prime Life Insurance Company Limited
Head Office Hattisar, Kathmandu
Contact Number 01-4441414
Email/ Web [email protected]
Symbol PLIC
Information officer Mr. Chirayu Bhandari

Features of Insurance in Nepal

Endowment Plan

  • Prime Life Combo Plan
  • Prime Shuvalabh
  • PrimeLife Saral Beema
  • PrimeLife Single And Limited Payment

Money-Back Plan

  • Prime Jeewan Upahar
  • Prime Life Sulav Money Back
  • PrimeLife Dhan Sagar

Term

  • Prime Life New Term Assurance

Whole-life Plans

  • PrimeLife Jeewan Surakshya

Woman’s Plan

  • PrimeLife Naari Jeewan Beema

Retirement Plan

  • PrimeLife Pension Plan

Child’s Plan

  • PrimeLife Swarnim Jeewan Beema

Gurans Life Insurance Company Limited

Gurans Life Insurance Company Limited was enlisted under Company Act 2063 B.S.  and Insurance Act 2049. Whereas, it has got a license to serve as Life Insurance Business in 2064.

It has made an agreement on reinsurance with Score Re Global Life SE Singapore and Nepal Reinsurance Co. Ltd.

Insurance Information  Details
Insurance Name Gurans Life Insurance Company Limited
Head Office Tinkune, Kathmandu
Contact Number 01-5199310
Email/ Web [email protected]
Symbol GLICL
Information officer Mr. Bodha Lal Puri

Features of Insurance in Nepal

  • Savadhik Jeevan Beema Yojana
  • Jeevan Rakshyak Jeevan Beema Yojana
  • Jeevan Shree Beema Yojana
  • Surakshit Bhavisya Jeevan Beema Yojana
  • Barshik Nagad Firta Jeevan Beema Yojana
  • Agrim Bhuktani Jeevan Beema Yojana
  • Bal/Naulo Bal Surakshya Jeevan Beema Yojana
  • Corporate Endowment Policy
  • Sanjeevani Jeevan Beema Yojana
  • Lok-Kalyan Laghu Myadi Jeevan Beema Yojana
  • Laghu Savadhik Jeevan Beema Yojana
  • Baideshik Rojgari Jeevan Beema Yojana

Surya Life Insurance Company Limited

Surya Life Insurance Company Limited was listed under company Act 2063 and Insurance Act 2049 as a public limited company which later got a license to operate as a Life Insurance Bussiness on 2064 B.S.

It has made an agreement on reinsurance with Nepal Re-Insurance Co.Ltd.

Insurance Information  Details
Insurance Name Surya Life Insurance Company Limited
Head Office Sano Gaucharan, Kathmandu
Contact Number 01-4423743
Email/ Web [email protected]
Symbol SLICL
Information officer Mr.Narottam Dhakal

Features of Insurance in Nepal

  • Chaurasi Puja-Limited Payment Anticipate
  • Foreign Employment Plan
  • Group Endownment Policy With Profits
  • Group Term Assurance Plan
  • Limited Payment Endowment Plan
  • Limited Payment Money Back Plan
  • Child Endownment Plan
  • Endowment Cum Whole Life Plan
  • Money Back Plan 15 Years
  • Money Back Plan 20 Years
  • Money Back Plan For Children
  • Sanrakshit (Endowment) Plan (Droped)
  • Susanrakshit (Endowment) Plan
  • Yearly Money Back Plan

Union Life Insurance Company Limited

Union Life Insurance Company Limited was established and registered under company Act 2063 and Insurance Act 2049 in 2074 B.S. It was built with national capital which provides all service packages and policies at the international standard level.

It is owned by famous and known promoters and they are jagadamba Group, Golchha Group, Gadiya Group, Naupane Group, Rajesh hardware & Tibrewala Group.

Insurance Information  Details
Insurance Name Union Life Insurance Company Limited
Head Office New Baneshwar, Kathmandu
Contact Number 01-4784758
Email/ Web [email protected]
Symbol ULICL
Information officer Mr. Kapil Kumar Dahal

Features of Insurance in Nepal

  • Limited Endowment Plan
  • Endowment Assurance Cum Whole Life Policy
  • Endowment Assurance Policy
  • Group Term Assurance Policy
  • Child Endowment Plan
  • Money-Back Cum Whole Life Assurance Plan
  • Annual Money Back Life Insurance Plan
  • Limited Payment (endowment cum whole life) Plan
  • Jeevan Deep Insurance Plan
  •  Jeevan Adhar Insurance Plan
  • Jeevan Sampanna Insurance Plan

Life Insurance in Nepal Benefits

Life insurance has more benefits than the fixed deposits (FD) in your banks. If you deposited a sum of money in your current account (FD) on certain percentages, then it is 100% sure that insurance will give you more money than the deposit.

Insurance has a minimum policy of returning 50% of benefits and profits to you within a certain amount of time. Among the huge advantages of Life Insurance, the following are the major ones listed below:

  • Free Insurance cover
  • The high amount of Sum assured
  • High Bonus Rate
  • Cheaper than normal Plan
  • Risk coverage on a normal death, accidental death, to family members
  • Eligibility on Minimum Sum Assured
  • Family safety and protection
  • Riskfree on collapse. of business and property
  • Tax-free and debt-free.

Life Insurance in Nepal (Policy Types)

Participating insurance policy in Nepal

In this policy, the bonus rate keeps changing every year and you are not guaranteed the bonus you will receive. When you choose this policy you should be ready to deal with risk because the insurance does not assure any fixed return it depends upon company profit and loss. This policy is engaged in the profit of the insurance company.

Non-participating insurance policy in Nepal

In this policy, the bonus rate is fixed and is guaranteed. Profit and loss of the company don’t affect your bonus rate as it is fixed. If you don’t want to take any risk, this policy is best as we will get an exact return as mentioned. This policy is not engaged in the profit of the insurance company.

FAQ

How many Life Insurance companies are in Nepal?

There are 19 life insurance,20 non-life insurance and 1 reinsurance company in Nepal.

Which is the Largest insurance in Nepal in terms of paid-up capital?

Nepal Life Insurance is the largest in terms of paid-up capital.

What is term plan insurance?

Term plan insurance is a life insurance policy that provides financial support to the policyholder during a mentioned term or period and it does not work after the expiry date of the active term.

Which is the first life insurance company in Nepal?

Rastriya Beema Sansthan is the first life insurance company in Nepal.

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